She notes the global shift to real time payments, the increased prevalence of account-to-account payments and the exploration of central bank digital currencies (CBDCs).
“A lot of governments are piloting in CBDC. And so, we are thinking about what does the future of value look like? And as a network operator and an infrastructure provider, we want to be fit for purpose, whatever that value exchange may be.”
Lynn says the inevitable conversation around digitisation of payments for many customers comes down to the issue of trust.
“You don’t turn on the news or read a paper or anything online every day without seeing something about frauds and scams.”
“Trust is a huge pillar for us, and we are in a unique position as the domestic payments operator across three schemes to really think about what role we should play in the industry around enhancing and building trust across not only our products and our infrastructure, but also thinking about new opportunities for digital identity and what that means for Australia.”
Another priority for AP+ is to ensure the real time New Payments Platform (NPP) remains underpinned by the principles of trustworthiness, accessibility, innovation and efficiency – particularly as the legacy infrastructure for domestic electronic payments, known as the Bulk Electronic Clearing System (BECs), is phased out.
“We've been working really hard with the industry to make sure that we are ready, that we are able to take the volume and to support our members to make that transition.”
With this transition also comes the need to consider the next generation of BPAY, which Lynn refers to as BPAY 2.0.
“How do we take BPAY, a product that's known and loved, into a more contemporary, digitally enabled, data rich environment for the next generation?”
Despite the pace of change, Lynn’s mantra is to keep things simple.
“It is a commitment we made to our members at the amalgamation. That simplification is around the schemes that we operate, it's around the products that we have and it also goes to the underlying infrastructure. So, you will hear much more from us about our ambitions around simplification over the next few months.”
Jackie Kallman is Head of Payments, Industry and Engagement at ANZ